Archived — Government of Canada Encourages Private Investment in Oakville Area Start-Up Businesses
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For immediate release
December 17, 2012
Oakville, Ontario — Angel One Investor Network will be able to connect more angel investors with promising new start-up businesses in the Oakville region, thanks to a $100,000 Government of Canada investment announced today by Terence Young, Member of Parliament for Oakville, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"The Government of Canada is committed to creating jobs, growth and long-term prosperity for southern Ontario by investing in business innovation," said MP Young. "By encouraging greater angel investment in the innovations of entrepreneurs in our region, we are strengthening relationships between start-up companies, investors and our government, and equipping businesses with the tools they need to succeed."
Angel One Investor Network is a not-for-profit angel network based in Oakville, Ontario. The group aims to develop a group of more than 30 active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the Oakville, Burlington and Hamilton areas that are working to bring new technologies to market.
The investment through FedDev Ontario's Investing in Business Innovation initiative will allow Angel One Investor Network to expand its membership base and increase its pool of angel investors through outreach activities such as recruiting and training seminars, a web site and other promotional tools.
"The introduction of a formal angel organization in the region is expanding the investing breadth and depth of the local investors. Angel investing has become an important component in the effective commercialization of innovation," said Karen Grant, executive director of Angel One Investor Network. "Individually and in groups, angel investors fund at least $1.9 billion a year in Canada, complementing the $871 million invested by venture capital in early-stage companies."
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds. Applications for funding are being accepted and assessed on an ongoing basis. For more information, please refer to the program guidelines available on the FedDev Ontario website.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
Follow us on Twitter @FedDevOntario
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For more information, contact:
Office of the Honourable Gary Goodyear
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